Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,447/mo
Lowest payment- Down payment
- $261,427
- Funds due
- $272,425
- Interest + MI left
- $125,659
- First ends
- Aug 2049
Assumption
Assumption + second
$2,995/mo
+$1,547/mo- Down payment
- $45,427
- Funds due
- $57,721
- Interest + MI left
- $466,741
- First ends
- Aug 2049
New loan
New conventional
$3,112/mo
+$1,665/mo- Down payment
- $45,427
- Funds due
- $54,231
- Interest + MI left
- $611,965
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,573 | $187,573 | $403,573 |
| Second mortgage | — | $216,000 | — |
| First P&I | $1,054.66 | $1,054.66 | $2,794.26 |
| Second P&I | — | $1,547.45 | — |
| Mortgage insurance | $155.16 | $155.16 | $80.71 |
| Taxes, insurance & HOA | $237.25 | $237.25 | $237.25 |
| Total housing payment | $1,447.07 | $2,994.52 | $3,112.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,427
Closing costs & prepaids$12,294
Usable credit−$0
Total buyer cash needed$57,721
Earnest money paid−$0
Remaining funds due$57,721
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$261.75
Prepaid interest, first (1 days)$20.92
Prepaid interest, second (1 days)$45.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing22 yr 9 moOf the original 30-year loan at 4.070%
Interest already paid$60,274Through Nov 2026
Assumption only · ends Aug 2049$125,659
Assumption + second · ends Aug 2049, second Dec 2056$466,741
New conventional · ends Dec 2056$611,965